✨ AI Insights & Summary
Equitable Bank, Canada's Challenger Bank™, is seeking a driven Commercial Funding Officer to join their innovative and growing team. This role offers a unique opportunity to be at the forefront of redefining Canadian banking, working with a company that has consistently been recognized for its customer-centric digital platform. If you are a meticulous professional with a passion for compliance and a desire to contribute to a dynamic financial institution, this position offers significant growth and impact.
About Equitable Bank
Equitable Bank is not your typical bank; we challenge the status quo by providing innovative banking solutions for Canadians. With over 50 years of history, Equitable Bank and its subsidiary Concentra Bank serve over 800,000 customers and millions of credit union members, respectively, managing over $142 billion in assets. Our digital platform, EQ Bank, has been recognized on the Forbes World's Best Banks list since 2021.
About the Role: Commercial Funding Officer
As a key member of the Commercial team, the Commercial Funding Officer is responsible for the meticulous funding of BES and CFG partner and direct loans, as well as CMHC-insured commercial transactions. This role demands a strong understanding of corporate structures, legal documentation from various provinces, and stringent adherence to legislative guidelines and Bank policies, with a critical emphasis on AML guidelines. The environment is fast-paced, requiring excellent time management and analytical skills.
Core Responsibilities:
- Loan Funding & Compliance (50%): Conduct daily legal and AML reviews under minimal supervision. This includes reviewing Commitment Letters, CMHC Certificates of Insurance, instructing Lawyers/Notaries/Partners, and ensuring the accuracy and enforceability of legal documents for closing. A significant focus will be on reviewing the corporate structure of borrowing entities and ensuring AML compliance, referring issues as needed and preparing memos for approval.
- Collaboration & Communication (15%): Work closely with the Credit team to advise on document deficiencies that may impact funding and credit approval, often prior to credit approval. Maintain exceptional customer service with partners in partner transactions and provide complete and timely loan information for the Daily Funding Agenda.
- System Administration & Closing (15%): Accurately review and update loan setups in the Bank’s systems. Advise on inconsistencies and ensure all post-funding steps, system entries, and final checklist compliance are completed accurately and promptly.
- Pipeline Management & Reporting (10%): Assist Funding Management with pipeline monitoring, reporting, and system/procedure testing.
- Team Support (5%): Assist other funders during peak volumes or absences.
- Stakeholder Liaison (5%): Collaborate with Accounting and Quality Assurance to ensure timely wire approvals. Prepare internal memos for GICs and advise Accounting on interest rate buy-downs.
Requirements:
- Minimum of 2 years of commercial mortgage funding experience in a regulated Canadian financial institution or law office. Mortgage lending and AML compliance experience are considered assets.
- Post-secondary education (diploma/degree), preferably in Legal or AML Compliance, with complementary courses in Contract Law, Business Law, and/or AML.
- Good working knowledge and understanding of the PCMLTFA Act and Regulations.
- Proven ability to identify process improvement opportunities and recommend solutions.
- Proficiency in MS Office (Word, Excel, PowerPoint).
- Bilingualism is preferred.
- Strong analytical skills, critical thinking, organizational skills, and the ability to manage multiple competing priorities with exceptional time management.
- Highly developed verbal and written communication skills.
Job Complexities/Thinking Challenges:
This role requires a self-starter capable of making efficient, sound decisions. Commercial mortgage loans are complex, necessitating in-depth legal and corporate documentation review. Ensuring wire accuracy is paramount. The incumbent must be able to review non-standard legal documents with minimal oversight and identify when further stakeholder approval is required.
Benefits [For full-time permanent roles]:
- Competitive discretionary bonus
- Market-leading RRSP match program
- Comprehensive medical, dental, vision, life, and disability benefits
- Employee Share Purchase Plan
- Maternity/Parental top-up
- Generous vacation policy and personal days
- Virtual events
- Professional development and comprehensive Career Development program
- A fulfilling opportunity to contribute to a leading FinTech.
Work Environment:
- Hybrid work model.
- Office space located at 2200-25 Ontario Street, Toronto, ON.
Commitment to Inclusion:
Equitable Bank is deeply committed to inclusion, fostering a stronger organization through diverse experiences and perspectives. We support employee growth and provide a barrier-free recruitment process. Accommodations are available upon request.
Hiring Process:
All candidates considered for hire must successfully pass a criminal background check and credit check. Only leading candidates will be contacted by an Equitable recruiter.